Disability Income Quote

A Disability Insurance policy provides partial income so that the policy holder can pay their bills if they become too injured or sick to work. Disability happens to more people, more often than one may think. In fact, according to the Annual Statistical Report on the Social Security Disability Insurance Program, approximately 30% of all people ages 35 to 65 will suffer a disability for at least 90 days, and about 1 in 7 can expect to become disabled for 5 years or more. There are more disabilities caused by illness than injury, and those would include common conditions like arthritis and heart disease, which are not covered by Workers’ Compensation.

A short-term Disability Insurance policy is meant to help you immediately after an incident, while a long-term policy will help provide financial protection for disabilities that could possibly last for years. Though some larger employers will offer short- and long-term disability benefits to their employees, you can also pay for additional coverage on top of those benefits you get at work to provide extra financial protection.

If you depend on your work income in order to pay your expenses, you should consider purchasing a Disability Insurance policy to ensure you can continue to receive partial income if you are too injured or sick to work. Many people believe the term “disability” only applies to a catastrophic condition like a stroke or sudden paralysis from an accident, but disabilities are usually the result of less severe injuries and more common conditions such as back pain depression, pregnancy and digestive disorders. Without a Disability Insurance policy, that period without income could make it hard to afford everyday necessities and keep up with retirement and savings goals.

The benefits of purchasing Disability Insurance coverage are important, especially if you purchase an affordable policy:

• Disability benefits are tax-free, because you usually pay for your policy with after-tax dollars.
• You can customize your policy with disability riders, for more coverage.
• You can spend benefit payments however you want.
• Benefit payments can last until you recover, or until you retire, in the case of long-term policies.
• In most instances, you will not need to repay benefits.